Okay UMG is definitely interesting, although I would have some comments on it.
Background/sources/methodology:
So I looked through the prospectus and found that projects for 2021 are 20% EBITDA growth (pdf page 78, UMG profit forecast).
On pdf page 19 of the 1H 2021 Unaudited Consolidated Condensed Financial Statements it’s stated that EBITDA is a relevant measure and after some DCF calculations (got very low values for the company using FCF) I would agree that EBITDA reflects a more realistic representation of profits.
Assumptions:
EBITDA Growth rates in comparison to previous year:
2021: 20%
2022: 15%
2023: 13%
2024: 9%
2025: 6%
Perpetual growth rate: 5%
Discount rates used:
2021: 1.03 (year is almost over)
2022: 1.12^1
2023: 1.12^2
2024: 1.12^3
2025: 1.12^4
Perpetual: 2025 PV of the cash flows uses 1.12 (so PV of the perpetual flows worth in 2025), which is discounted again at 1.08^4 to get back to PV
Knowing this and using 2020 as the base for the EBITDA we get these expectations, discounting them and dividing them by numbers of shares (got those from the 1H 2021 as well) we get to a pv of €20.43 per share.
Although this is a simplistic approach and I don’t know the business that well based on these numbers I wouldn’t add the company to my portfolio unless I know more about it and see that my estimates are too conservative.